BRF-Brasil Foods Q4 net quadrupled

RogerioJelmayer

SAO PAULO--Brazilian meatpacker BRF-Brasil Foods SA (BRFS3.BR) said net profit more than quadrupled in the fourth quarter compared to a year ago, when net profit was hurt by one-time provisions charges.

BRF said late Monday net profit rose to 562.8 million Brazilian reais ($283 million) in the fourth quarter, up from BRL121 million in the same quarter in 2011.

The company accounted for provisions worth BRL215 million in 2011, due to costs related to the setting up of BRF. BRF was created in 2009 from the merger of two traditional Brazilian meatpackers, Sadia and Perdigao, but was only approved by local authorities in 2011.

The company posted a profit of BRL813 million for the full year 2012, down from BRL1.37 billion in 2011. BRF attributed the drop to the rise of raw materials costs.

The company's net revenue rose to BRL8.14 billion in the fourth-quarter, up from BRL7.1 billion in the fourth quarter of 2011.

BRF's earnings before interest, taxes, depreciation and amortization, or Ebitda, increased 16% to BRL850 million while its Ebitda margin rose to 10.4% from 10.3%.

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